In the next five years, the Thai government wants to make Thailand a regional hub for producing hemp-related products.
It will earn at least 25 billion baht from the exploits, according to Industry Minister Suriya Jungrungreangkit.
“Hemp has become an important plant in many countries now as all parts of it can be turned into various types of products with a high commercial value,”
The strategy is in line with the expansion of the global hemp market, which has been fueled by the lifting of restrictions placed on the use of cannabis in the US, Canada, Australia, the EU, China, Japan, and South Korea.
According to the plan, hemp produced and harvested in Thailand could be worth at least 20,000 baht per rai (a rai is equivalent to 1,600 square metres).
“It will also give a boost in employment in the agricultural sector.”
The valuation of the hemp market worldwide was estimated at 142 billion baht in 2020, growing by 22.4% that year alone. By 2027, the sector is expected to make 558 billion baht annually.
There are now more than 50,000 different types of hemp items available to buy worldwide, including textiles, food and beverage products, animal feed, cosmetics and building materials.
The Office of Industrial Economics had been tasked by the ministry with creating a plan to promote the marketing of hemp as Thailand’s newest revenue source.
The Centre for Hemp Excellence is now prepared to be formed to oversee the financial and technical support for the execution of the regional hemp plan.